After a record fundraising, start-up Casavo, already present in Italy, Spain and Portugal, has ambitions in France. In addition to instant real estate sales, it is also developing into a classic online agency.
Do you know iBuyers? This new real estate service created on the other side of the Atlantic and popularized by the American industry giant Opendoor (refers to an instant purchase principle, i.e. instant purchase) allows real estate sellers to recover the transaction value in a single time record. This period is often reduced to a month, or even just a few days, in exchange for a discount of several percent off the property price. In France, this service has been offered for some years by the precursor Homeloop, followed by Dili (a subsidiary of the Optimhome network of agents) or the Sell-your-house, not to mention the most recent addition, the Swiss real estate portal Properstar, which recently launched an instant buy offer in Paris and Lyon.
However, it will soon be necessary to count on a newcomer with solid ambitions: the Italian Casavo. Created in 2017, this start-up initially specialized in this immediate purchase formula to facilitate transactions. The company founded by Giorgio Tinacci developed in the main transalpine cities before expanding to Spain and Portugal. This Tuesday, July 19, Casavo is launching a €400 million funding round (€100 million in Series D equity funding and €300 million in debt capital with institutional investors). And it intends to take advantage of it to attack the French market
a first step
The sum may seem huge knowing that the instant purchase of real estate created for Anglo-Saxon property markets with many very comparable properties is more difficult to implement in Europe, where there are a very large number of real estate micromarkets.
“The iBuying model we started and grew is just the first step on our journey,
recognizes the head of Casavo, Giorgio Tinacci.
Our goal is to become a next-generation market with a 100% digital experience.”
The clearly stated objective is therefore to facilitate the real estate transaction, aggregate all possible services online and let the seller choose between instant or “classic” sales, depending on whether he wants to maximize the speed of the transaction or his profit. A true aggregator, the site offers credit, insurance, renovation services, etc.
And, of course, to grow, Casavo will largely rely on “traditional” transactions. Until recently, they only accounted for a quarter of the company’s sales, but are expected to become the majority in the near future. That must be the case in Paris, the next market targeted by Casavo.
. “Initially, we are going to focus on some districts of Paris intramuros,
explains Giorgio Tinacci.
As the market there is much more liquid with sales closing 40% faster than the Italian or Spanish markets, we believe sellers will be more interested in the classic sale that maximizes their profit than in iBuying. »
He also concedes that Casavo’s competitive advantage will be less strong in France than in Italy or Spain in terms of its ability to provide price indications.
“In Spain or Italy, there were no efficient tools for evaluating property prices like Best Agents, for example.”
Find an agency online
A reference that is not by chance, as among the Business angels who participated in the fundraising, we find a certain Sébastien de Lafond who is none other than the co-founder of Meilleurs Agents, having sold his company to Axel Springer in 2019. And to improve his knowledge of the Parisian market, Casavo is currently looking to buy a real estate company online.
“Our goal? It would be to reach 5% market share in Paris by 2025.
, admits the transalpine leader. In constant scope with the current volume of transactions, this would still represent the trifle of almost 150 transactions per month. And when we ask Giorgio Tinacci if the period is not complicated to face a new market, the answer is confused:
“It’s a motivating challenge,
Our overall momentum is good and, like the markets where we develop, France’s is fragmented and has high intermediation costs. So we have a card to play.”